Tractor Supply believes it can achieve an operating margin rate of 10.5% by 2017. Barclays is currently modeling operating margin of 10.9% in 2015 as they believe management's guidance continues to be conservative.

The firm also said they are impressed by management's focus on returning value to shareholders through dividend increases and share buybacks, while continuing to invest in future growth. "We believe management's targets for 14-16% in annual EPS growth through 2017, a 20-25% payout ratio, 15-20% dividend growth and $170-$290M in annual buybacks are achievable," they commented.

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